What are the benefits of Axis bank credit card ?

Axis Bank offers a wide range of credit card options. Having a credit card is so convenient. Making payments and purchases becomes much easier and faster when you pay with your card. This saves you the burden of carrying huge amounts of cash with you when you shop or travel. The different types of credit cards offered by Axis Bank are specially cut out to meet the needs of you, the customer. Depending on your reasons for applying for a card, your affordability and other details, you can choose a card that would best meet your needs.

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When you apply for a credit card from Axis Bank, you get to make use of a whole lot of benefits such as payback points, rewards, cash benefits and other exclusive features. Among the large number of options available to you when you choose to apply for a credit card, the benefits you receive from an Axis Bank Card stand out from the rest. Here are some of the main benefits of Axis Bank Credit card:

1. Get cash back and discounts on ticket bookings: when you use your Axis Bank credit card to book flight tickets, bus or train tickets online; you receive a part of the base fair as a ‘cash back’ reward or you receive a discount on your booking amount. The amount or the percentage of cash you receive in return will depend on the type of Axis Bank credit card which you choose. There are platinum cards, My cards, Co-branded and other credit cards.
2. High level of security. One of the main concerns of the modern methods of banking is security and this is something Axis pays close attention to. Your Credit cards from Axis Bank will be pin and chip protected. This gives you additional protection against card frauds.
3. Enjoy discounts while dining. Axis Bank offer their credit card holders special discounts at a wide range of restaurants. Depending on the type of credit card you choose, you will be eligible for up to 33% discount on dining.
4. When you have an Axis bank credit card, you can easily convert large purchases to EMI. If a cash transaction costs more INR 2500 you can convert it into an Equated Monthly Installment by simply contacting the bank regarding the same.
5. With your Axis Bank Credit card, you will also receive exclusive access to VIP lounges in domestic and international terminals in major cities across India and the world.
6. One of the benefits of the Axis Bank’s credit cards is the ‘eDGE loyalty rewards program’ where in, you collect points in your rewards account every time you use your card to make a payment or purchase. The points you collect in your eDGE loyalty account can be redeemed to receive over 500 reward items. For ever INR 200 spent, you gather between 2 to 12 reward points, according to the type of credit card you choose. The number of points you earn are different all the types of credit cards offered by Axis.

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How Do Credit Cards Work India

Credit cards have come a long way from being a service reserved for the exclusive few to a commonly used financial instrument. Gone are the days when people used cash for purchases at stores, restaurants and other shopping activity. A large chunk of both brick and mortar store shopping as well as online purchase activity is conducted across the globe using credit cards.

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Credit card companies have refined the service offering specialized cards like travel centric cards, co-branded retail credit cards along with premium credit cards catering to the needs of wide sections of the society. Using a credit card while shopping is an easy breeze and card holders simply need to swap their credit card with the credit card swapping machine available with the retail merchant.

Have you ever wondered how the credit card works and delivers the financial transactions to the merchant? Read on to know the basic functionality of credit cards and their working operations.

Win-win situation for both merchants and customers:

Credit cards are a great financial tool gaining popularity across the globe because of their intrinsic beneficial nature. Credit cards offer a win-win situation for both the retail merchant and the credit card holder. For the credit card holder, firstly it cuts out the requirement of carrying cash while out shopping. Secondly, it offers the card holder the huge advantage of buying now and paying later making it possible for users to manage their spending wisely. For the merchant offering credit card services, it means an increase in the quantum of business as more and more credit card holders would be eager to shop at stores accepting credit card services.

Understanding credit card transactions:

The working mechanism of a credit card is divided into two distinct steps. The first step involves the verification of the credit card done at the merchant store while swapping the card. The second step relates to the final financial transaction between the card service provider, the retail merchant and the card holder. In the first step of credit card verification, a retailer swaps the users credit card on a dedicated machine connected to the computer. The electronic chip in the credit card displays all the credit related information of the card. The software tells the merchant if the card is available for purchase or is blocked. Once the card is approved for financial transaction, the merchant can swap the card at the credit card terminal to facilitate payments. Once the credit card is swapped, a paper receipt gets generated. The receipt must be signed by the card holder as an agreement to pay the credit card company.

Payment of credit card dues:

As a basic nature of credit card transaction, the credit card company pays the merchant instantly while the card holder pays the card holder over a period of time. If the card holder pays the bank or service provider within the credit free period, no extra interest is charged. In case the user repays after the expiry of the interest free grace period, a compounded daily interest is charged for pending amounts.

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